By Ben Otto
Chinese electric-vehicle maker NIO missed revenue expectations in the first quarter and said it expects vehicle deliveries and revenue to decline in the second quarter.
The company’s net loss in the first quarter widened to 4.80 billion yuan ($674.9 million) from CNY1.83 billion a year ago, NIO said Friday. The result was an improvement from net loss of CNY5.85 billion in the fourth quarter, however, and it beat an estimated loss of CNY5.07 billion in a FactSet poll of analysts.
Total revenue rose 7.7% from a year earlier to CNY10.68 billion but missed analyst expectations of CNY11.59 billion.
Vehicle margin fell to 5.1% from 6.8% in the fourth quarter and 18.1% a year ago, which NIO attributed to changes in product mix and higher prices of batteries. The total cost of sales in the first quarter rose to CNY10.51 billion from CNY8.46 billion a year ago.
Vehicle deliveries in the first quarter fell to 31,041 units from 40,052 units in the preceding quarter but were higher than the 25,768 units delivered in year-earlier period.
For the second quarter, NIO forecast deliveries to decline up to 8.2% from a year earlier to 23,000-25,000 vehicles. It said it expects second-quarter revenue to fall between 9.0% and 15.1%.
Write to Ben Otto at [email protected]
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